Rubicon Project Announces Record Second Quarter Financial Results

The Rubicon Project, Inc. (NYSE: RUBI), a leader in advertising
automation with one of the industry’s largest independent real-time
trading platforms for the buying and selling of advertising, today
reported financial results for the second quarter ended June 30, 2014.

“We closed another record quarter, exceeding expectations with revenue
growth accelerating to 49% and reporting a positive adjusted EBITDA,”
said Frank Addante, CEO and Chief Product Architect of Rubicon Project.
“Our managed revenue from RTB grew 75% year-over-year, we released video
into private beta and took a huge leap in mobile. With the addition of
InMobi, we now power the world’s largest mobile native advertising
exchange.”

Q2 2014 Financial Results:

Revenue was $28.3 million for the second quarter of 2014, an
increase of 49% from $19.0 million for the second quarter of 2013.

Adjusted EBITDA2 was $2.7 million for the second
quarter of 2014 compared to $2.1 million for the second quarter of
2013.

Net loss was $9.4 million for the second quarter of 2014
compared to a net loss of $2.1 million for the second quarter of 2013.

Net loss per share attributable to common stockholders was
$0.29 for the second quarter of 2014, based on 32.3 million
weighted-average shares outstanding. This compares to a net loss per
share of $0.28 for the second quarter of 2013, which was based on 11.4
million weighted-average shares outstanding.

Non-GAAP earnings per share2 was breakeven for the
second quarter of 2014, based on 33.2 million non-GAAP
weighted-average shares outstanding. This compares to non-GAAP
earnings per share of $0.01 for the second quarter 2013, which was
based on 26.1 million non-GAAP weighted-average shares outstanding.

Key Operational Measures:

Managed revenue1 was $153.5 million for the
second quarter of 2014, an increase of 36% from $112.7 million for the
second quarter of 2013.

Take rate1 was 18.4% for the second quarter
of 2014, compared to 16.9% for the second quarter of 2013.

Guidance:

As of July 29, 2014, the Company is providing guidance as follows:

For the third quarter of 2014, the Company expects:

Revenue between $28.5 million and $29.5 million;

Adjusted EBITDA2 loss between $3.5 million and $2.5
million; and

Non-GAAP loss per share2 between $0.20 and $0.17 based on
approximately 33.7 million non-GAAP weighted-average shares
outstanding.

For the full year ending December 31, 2014, the Company expects:

Revenue between $117 million and $119 million;

Adjusted EBITDA2 between negative and positive $1.0
million; and

Non-GAAP loss per share2 between $0.41 and $0.34 based on
approximately 32.0 million non-GAAP weighted-average shares
outstanding.

The non-GAAP weighted-average shares outstanding used in the guidance
for the third quarter and full year non-GAAP loss per share include the
6.4 million shares issued in the initial public offering from April 7,
the date the IPO closed.

__________________________________________________________________

1 Managed revenue and take rate are operational
measures. Managed revenue represents advertising spending transacted on
our platform and would represent our revenue if we were to record our
revenue on a gross basis instead of a net basis. Take rate represents
our share of managed revenue.

2 Adjusted EBITDA and non-GAAP earnings (loss) per
share are non-GAAP financial measures. Please see the discussion in the
section called “Key Operational and Non-GAAP Financial Measures” and the
reconciliations included at the end of this earnings release.

Conference Call Information:

The company will host a conference call on July 29, 2014 at 2:00 PM (PT)
/ 5:00 PM (ET) to discuss the second quarter, 2014 financial results of
operations. The conference call can be accessed at (877) 201-0168 (U.S.)
or (647) 788-4901 (International), conference ID# 71843116. The call
will also be broadcast simultaneously at http://investor.rubiconproject.com.
Following completion of the call, a recorded replay of the webcast will
be available on Rubicon Project’s website. Additional investor
information can be accessed at http://investor.rubiconproject.com.

About The Rubicon Project, Inc.

Rubicon Project pioneered advertising automation. Its technology
platform provides leading user reach and is used by hundreds of the
world’s premium publishers and applications to connect with top brands
around the globe. A company driven by innovation, Rubicon Project has
engineered the Advertising Automation Cloud, one of the largest
real-time cloud and Big Data computing systems, processing trillions of
transactions within milliseconds each month.

Note: The Rubicon Project and the Rubicon Project logo are registered
service marks of The Rubicon Project, Inc. All other marks mentioned are
the property of their respective owners.

Forward-Looking Statements

CIO, CTO & Developer Resources

This press release and management’s answers to questions during our
earnings call may contain forward-looking statements, including
statements based upon or relating to our expectations, assumptions,
estimates, and projections. In some cases, you can identify
forward-looking statements by terms such as “may,” “might,” “will,”
“objective,” “intend,” “should,” “could,” “can,” “would,” “expect,”
“believe,” “design,” “anticipate,” “estimate,” “predict,” “potential,”
“plan” or the negative of these terms, and similar expressions.
Forward-looking statements may include, but are not limited to, our
belief that we took a huge leap into mobile and that we power the
world’s largest mobile native advertising exchange, our guidance and
other statements concerning our anticipated performance, including
revenue, margin, cash flow, balance sheet, and profit expectations;
development of our technology; introduction of new offerings; scope of
client relationships; business mix; sales growth; client utilization of
our offerings; market conditions and opportunities; and operational
measures including managed revenue, paid impressions, average CPM, and
take rate. These statements are not guarantees of future performance;
they reflect our current views with respect to future events and are
based on assumptions and subject to known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from expectations
or results projected or implied by forward-looking statements. These
risks include, but are not limited to: our ability to grow rapidly and
to manage our growth effectively; our ability to develop innovative new
technology and remain a market leader; our ability to attract and retain
buyers and sellers and increase our business with them; our ability to
use our solution to purchase and sell higher value advertising and to
expand the use of our solution by buyers and sellers utilizing evolving
digital media platforms, including mobile and video; our ability to
introduce new solutions and bring them to market in a timely manner; our
ability to maintain a supply of advertising inventory from sellers; our
limited operating history and history of losses; our ability to continue
to expand into new geographic markets; the effects of increased
competition in our market and our ability to compete effectively; the
effects of seasonal trends on our results of operations; costs
associated with defending intellectual property infringement and other
claims; our ability to attract and retain qualified employees and key
personnel; our ability to consummate future acquisitions of or
investments in complementary companies or technologies; our ability to
comply with, and the effect on our business of, evolving legal standards
and regulations, particularly concerning data protection and consumer
privacy; and our ability to develop and maintain our corporate
infrastructure, including our finance and information technology systems
and controls. We discuss many of these risks and additional factors that
could cause actual results to differ materially from those anticipated
by our forward-looking statements under the captions "Risk Factors" and
“Management Discussion and Analysis of Financial Condition and Results
of Operations” in our periodic reports filed with the Securities and
Exchange Commission. Additional information will also be set forth in
other filings we make from time to time with the SEC. Also, these
forward-looking statements represent our estimates and assumptions only
as of the date of this press release. Unless required by federal
securities laws, we assume no obligation to update any of these
forward-looking statements, or to update the reasons actual results
could differ materially from those anticipated, to reflect circumstances
or events that occur after the statements are made. Given these
uncertainties, investors should not place undue reliance on these
forward-looking statements. Investors should read this press release and
the documents that we reference in this press release and have filed
with the Securities and Exchange Commission completely and with the
understanding that our actual future results may be materially different
from what we expect. We qualify all of our forward-looking statements by
these cautionary statements.

Managed revenue is an operational measure that represents the
advertising spending transacted on our platform, and would represent our
revenue if we were to record our revenue on a gross basis instead of a
net basis. Managed revenue does not represent revenue reported in
accordance with generally accepted accounting principles in the United
States (“GAAP”). We review managed revenue for internal management
purposes to assess market share and scale. Many companies in our
industry record revenue on a gross basis, so tracking our managed
revenue allows us to compare our results to the results of those
companies. Our managed revenue is influenced by the volume and
characteristics of paid impressions, and average CPM.

Take rate is an operational measure that represents our share of managed
revenue. We review take rate for internal management purposes to assess
the development of our marketplace with buyers and sellers. Our take
rate can be affected by a variety of factors, including the terms of our
arrangements with buyers and sellers active on our platform in a
particular period, the scale of a buyer’s or seller’s activity on our
platform, product mix, the implementation of new products, platforms and
solution features, and the overall development of the digital
advertising ecosystem.

Financial Measures

This press release includes information relating to adjusted EBITDA and
non-GAAP earnings (loss) per share, which are financial measures that
have not been prepared in accordance with GAAP. These non-GAAP financial
measures are used by our management and board of directors, in addition
to our GAAP results, to understand and evaluate our operating
performance and trends, to prepare and approve our annual budget, and to
develop short- and long-term operational plans. Management believes that
these non-GAAP financial measures provide useful information about our
core operating results and thus are appropriate to enhance the overall
understanding our past financial performance and our prospects for the
future.

These non-GAAP financial measures are not intended to be considered in
isolation from, as substitutes for, or as superior to, the corresponding
financial measures prepared in accordance with GAAP. Adjusted EBITDA and
non-GAAP earnings (loss) per share eliminate the impact of items that we
do not consider indicative of our core operating performance and
operating performance on a per share basis. You are encouraged to
evaluate these adjustments, and review the reconciliation of these
non-GAAP measures to their most comparable GAAP financial measures, and
the reasons we consider them appropriate. It is important to note that
the particular items we exclude from, or include in, our non-GAAP
financial measures may differ from the items excluded from, or included
in, similar non-GAAP financial measures used by other companies. See
“Reconciliation of net loss to adjusted EBITDA” and “Calculation of net
loss attributable to common stockholders to non-GAAP earnings (loss) per
share” included as part of this press release.

We define adjusted EBITDA as net loss adjusted for stock-based
compensation expense, depreciation and amortization, interest income or
expense, change in fair value of pre-IPO convertible preferred stock
warrant liabilities, and other income or expense, which mainly consists
of foreign exchange gains and losses, certain other non-recurring income
or expenses such as acquisition and related costs, and provision for
income taxes. We believe adjusted EBITDA is useful to investors in
evaluating our operating performance for the following reasons:

adjusted EBITDA is widely used by investors and securities analysts to
measure a company’s operating performance without regard to items such
as stock-based compensation expense, depreciation and amortization,
interest income or expense, change in fair value of preferred stock
warrant liabilities, foreign exchange gains and losses, certain other
non-recurring income or expense such as acquisition and related costs,
and provision for income taxes that can vary substantially from
company to company depending upon their financing, capital structures
and the method by which assets were acquired;

our management uses adjusted EBITDA in conjunction with GAAP financial
measures for planning purposes, including the preparation of our
annual operating budget, as a measure of operating performance and the
effectiveness of our business strategies, and in communications with
our board of directors concerning our financial performance;

adjusted EBITDA may sometimes be considered by the compensation
committee of our board of directors in connection with the
determination of compensation for our executive officers; and

adjusted EBITDA provides consistency and comparability with our past
financial performance, facilitates period-to-period comparisons of
operations, and facilitates comparisons with other peer companies,
many of which use similar non-GAAP financial measures to supplement
their GAAP results.

Although adjusted EBITDA is frequently used by investors and securities
analysts in their evaluations of companies, adjusted EBITDA has
limitations as an analytical tool, and you should not consider it in
isolation or as a substitute for analysis of our results of operations
as reported under GAAP. These limitations include:

stock-based compensation is a non-cash charge and is and will remain
an element of our long-term incentive compensation package, although
we exclude it as an expense when evaluating our ongoing operating
performance for a particular period;

depreciation and amortization are non-cash charges, and the assets
being depreciated or amortized will often have to be replaced in the
future; adjusted EBITDA does not reflect any cash requirements for
these replacements;

adjusted EBITDA does not reflect changes in, or cash requirements for,
our working capital needs, capital expenditures or contractual
commitments, and therefore may not reflect periodic increases in
capital expenditures;

adjusted EBITDA does not reflect cash requirements for income taxes
and the cash impact of other income or expense; and

other companies may calculate adjusted EBITDA differently than we do,
limiting its usefulness as a comparative measure.

Because of these limitations, we also consider other financial measures,
including net loss.

Non-GAAP earnings (loss) per share is calculated by dividing non-GAAP
net income (loss) by non-GAAP weighted-average shares outstanding.
Non-GAAP net income (loss) is equal to net loss attributable to common
stockholders excluding the change in fair value of preferred stock
warrant liabilities, cumulative preferred stock dividends, stock-based
compensation, acquisition and related items expense, foreign currency
gains and losses, and amortization of intangible assets. The Non-GAAP
weighted-average shares outstanding used to calculate non-GAAP earnings
(loss) per share assume the net exercise of a preferred stock warrant
and the conversion of each share of convertible preferred stock to one
half share of common stock in connection with our initial public
offering as if they had occurred at the beginning of each respective
period presented, include the 6.4 million shares issued in our initial
public offering from April 7, 2014, the date our IPO closed, and include
the net exercise of a common stock warrant that occurred during the
second quarter of 2014. The non-GAAP weighted-average shares outstanding
used in our guidance for the third quarter and full year non-GAAP
earnings (loss) per share include the 6.4 million shares issued in our
initial public offering from April 7, the date our IPO closed. We
believe non-GAAP earnings (loss) per share is useful to investors in
evaluating our ongoing operational performance and our trends on a per
share basis by taking into consideration all preferred stock ownership
on an as-converted basis, and also facilitates comparison of our
financial results on a per share basis with other companies, many of
which present a similar non-GAAP measure. However, a potential
limitation of our use of non-GAAP earnings (loss) per share is that
other companies may define non-GAAP earnings (loss) per share
differently, which may make comparison difficult. This measure may also
exclude expenses that may have a material impact on our reported
financial results. Because of these limitations, we also consider the
comparable GAAP financial measure of net loss attributable to common
stockholders.

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